Real Estate Purchase in Greece
The daily oversight of the legal framework in the field of real estate, the expertise and experience of the team of legal experts at Greekadvocates in the procedure of real estate purchase and investments, give our clients the confidence and certainty in the implementation of all of their plans, however complex, with clear knowledge of the advantages of any investment, accurate information regarding each element of the case and clear, accurate comprehension of the situation at each step of the process.
The team of legal experts at Greekadvocates, provides legal services and undertakes the representation of the persons concerned, during the sale and purchase procedure, long and short term rental of residential and / or commercial real estate, property management, purchase of plots of land and construction of buildings.
The nature and seriousness of real estate transactions require meticulous legal review and ongoing legal monitoring to prevent any severe implications and irreparable situations in the future.
Our clients have the supreme confidence, that from the very beginning of the process, during the negotiations and until the end, they will have full legal coverage, able to deter any threat and achieve the desired results, without uncertainties. Years of experience with representing foreign clients, we consider our top priority to be providing timely and accurate information to our clients at each step, action and the intermediate result of these actions, explaining the legal particularities of the proceedings in Greece and prompt communication in the client’s language.
Legal coverage of real estate transactions is absolutely necessary, offering:
- meticulous legal review of the property for the last twenty years, which is the only absolute guarantee of the legal status of the property selected by the client. This procedure entails the confirmation of the proper order of the entitling documents’ registration, as well as the existence of any mortgages, seizures or claims, which if not revealed in time, will subsequently burden the new owner.
- legal check of all the documents relating to the property
- legal coverage during negotiations
- confirmation of the legal validity of the money transfer and payment
- negotiating the terms of the sale and purchase agreement and assurance of the security and rights of the buyer
- confirmation and explanation of the total costs of the sale and purchase procedure
- representation of the buyer during the signing of the agreement
- legal and timely registration of the agreement in the competent authorities of the country
- coordination and legal registration of the commercial property’ purchase
- confirmation of tax clearance and absence of any type of encumbrances on the property
- legal coverage of the purchase of the land plot for exploitation; construction of buildings
- consulting service in the field of taxation
Basic steps of purchasing property in Greece
1. Signing of the Power of Attorney, under which the buyer authorizes the lawyer to represent them and to perform all necessary actions under the signing of the sale and purchase agreement. The Power of Attorney is signed in Greek, in the presence of an interpreter, who certifies with their signature the assurance of translation. If the buyer is not in Greece, the Power of Attorney may be signed in their country of residence, certified with the Apostille stamp and sent to Greece.
2. Issuance of the TIN (tax identification number) based on the abovementioned Power of Attorney.
3. Opening a bank account. The money for the payment of the property’s price and the transfer of ownership rights’ tax should, on a mandatory basis, be transferred via a bank wire.
4. Performance of the legal review of the property in the competent Land Registry or Cadastral Registry of the country.
5. Collection of the documentation, in consultation with the notary, that is essential for the sale and purchase procedure realization (certificates, licenses, certificates of the urban planning authorities, tax certificates, certificates of the archaeological service, forest service and other)
6. Sending the buyer the expense report, via email, that includes the following amounts:
– the amount of the real estate transfer of ownership rights’ tax (in case of a property purchase from an individual or a company-contractor, if the building permit was issued before 2006, this tax amounts to 3.09% of the purchase price, declared in the sale and purchase agreement, if the property is purchased from a company-contractor with the building permit issued after 2006, the tax amounts to 23% calculated based on the price, declared in the sale and purchase agreement)
– lawyer fee
– notary fee
– cost of the registration of the agreement in the competent land registry
7. Preparation of the registration declaration by the notary and its submission to the competent tax authority, which recalculates and confirms the amount of the tax.
8. Once the tax payment certificate issued by the tax authority is received, everything is ready for signing the sale and purchase agreement.
9. The translation of the agreement is sent to the buyer 3-5 days before signing, for approval.
10. The signed sale and purchase agreement (which the buyer or his lawyer may sign) is sent to the competent Land Registry for registration.
11. Issuance of the certificate of the registration in conveyance records.
12. The sale and purchase process is completed with the delivery to the buyer of the full package of supporting documentation, along with officially certified translations. All documents are also stored in the archives of the lawyer and the notary.